Cavendish on Thursday lowered financial services company TP ICAP Group (TCAP.L) to hold from buy and decreased its price target to 3.23 pounds sterling from 3.25 pounds.
(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)
Price: $20.15, Change: $-0.78, Percent Change: -3.73%
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We keep our 12-month target price at $56, on an EV/EBITDA of 5.3x applied to our 2027 EBITDA estimate, vs. Barrick's three-year avg. fwd EV/EBITDA of 5.2x and peers' avg. of 5.7x. We raise our 2026 EPS estimate by $0.24 to $4.04 and 2027 by $0.38 to $4.63. Production guidance is maintained at 2.90-3.25M gold ounces and 190-220k tonnes of copper, with sequential increases through the year. A strong fundamental position is underpinned by robust FCF generation, with Q1 FCF surging 195% Y/Y to $1.21B, reflecting significant operating leverage to higher gold prices. The balance sheet remains strong with $2.4B in net cash. Key growth catalysts include the Lumwana expansion (on track for Q1 2028 first production), advancing Fourmile project (potential Tier-One asset), and the planned year-end North American IPO, which should unlock value. With improving operational consistency, a de-risked portfolio focus, and strong leverage to gold prices, we believe Barrick is well-positioned to deliver sustainable value creation.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our 12-month target by CAD1 to CAD77, on an EV/EBITDA of 5.3x applied to our 2027 EBITDA estimate, vs. Barrick's three-year avg. fwd EV/EBITDA of 5.2x and peers' avg. of 5.7x. We raise our 2026 EPS estimate by USD0.24 to $4.04 and 2027 by USD0.38 to USD4.63. Production guidance is maintained at 2.90-3.25M gold ounces and 190-220k tonnes of copper, with sequential increases through the year. A strong fundamental position is underpinned by robust FCF generation, with Q1 FCF surging 195% Y/Y to $1.2B, reflecting significant operating leverage to higher gold prices. The balance sheet remains strong with $2.4B in net cash. Key growth catalysts include the Lumwana expansion (Q1 2028 first production), advancing Fourmile project (potential Tier-One asset), and the planned year-end North American IPO, which should unlock value. With improving operational consistency, a de-risked portfolio focus, and strong leverage to gold prices, we believe Barrick is well-positioned to deliver sustainable value creation.